\documentclass{article}
\thispagestyle{empty}
\usepackage{graphicx}
\usepackage{pstcol}
\usepackage{pstricks}
\usepackage{color}
\begin{document}
\begin{figure}[htb!]
%  \begin{minipage}[b]{5cm}
    \centering
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    \begin{pspicture}(0,0)(5,5)
%     \psgrid
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\psline[linewidth=1pt]{->}(-0.2,3.1)(3.175,2.55)
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\psline[linewidth=2pt,linecolor=blue]{->}(2.2,2.7)(2.27,3.5)
\uput[45](2.0,3.5){\textcolor{blue}{$B_y$}}
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\psarcn[linestyle=dashed,linecolor=red]{->}(3,-2){4.1}{110}{87.5}
\uput[45](3.35,2.55){\textcolor{red}{$B_z$}}
\uput[45](1.4,1){\Large SIDE VIEW}
\psline[linewidth=4pt]{->}(-0.6,0.5)(3.15,0.5)
\psline[linewidth=4pt,linecolor=blue]{->}(0,0.35)(3.,0.35)
\uput[45](3.2,0.35){\textcolor{blue}{\large i}}
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\psline[linewidth=4pt,linecolor=blue]{->}(3.,-.35)(0,-.35)
\uput[45](-0.25,-0.35){\textcolor{blue}{\large i}}
\psdots[dotstyle=*] (1.,0)
\uput[45](1.2,-0.25){\large $\frac{dB_y}{dz}$}
\uput[45](1.4,-1){\Large TOP VIEW}
%\pscircle[linewidth=2pt](4.,1.5){0.5}
%\psarc[linecolor=blue]{->}(4.,1.5){0.3}{70}{400}
%\uput[45](3.75,1.5){\textcolor{blue}{\Large i}}
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%\psline[linewidth=2pt,linecolor=red]{->}(1.4,2.2)(2.4,1.8)
%\uput[45](1.4,2.5){\large f$_r$}
%\uput[45]{-25}(2.5,1.8){\Large $B_z -g {dB_z\over dz}$} 
%\psline[linewidth=3pt]{->}(1.8,3)(1.95,3.2)
%\uput[45](2.1,3.1){\Large net f$_r$}
    \end{pspicture}
%\caption{Deflection in the tilded case}\label{fig3}
%  \end{minipage}%
\end{figure}
\end{document}
